How many members appointed by the president sit on the Federal Reserve Board?
A. None
B. Seven
C. Nine
D. Twelve
B. Seven
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The figure above illustrates the marginal private cost and the marginal social cost to the city of Seattle for each rock concert that is offered. It also illustrates the marginal benefit. There is no external benefit
If the city of Seattle puts on 5 concerts per year, then the marginal benefit will A) exceed the marginal social cost. B) equal the marginal private cost. C) be less than the marginal social cost. D) equal the marginal social cost. E) None of the above answers is correct.
Which of the following is true at the point where diminishing returns set in?
a. Both marginal product and marginal cost are at a maximum. b. Both marginal product and marginal cost are at a minimum. c. Marginal product is at a maximum and marginal cost at a minimum. d. Marginal product is at a minimum and marginal cost at a maximum.
The maximum units of input you would possibly hire would be
A. 3.
B. 4.
C. 5.
D. 6.
When factors of production are not fixed (as in the long run) and labor immigrates, capital will:
a. remain fixed because capital is never mobile. b. increase in the capitalintensive industry. c. move to the higher productivity use in the labor intensive industry until returns are again equalized. d. become idled as owners of capital seek more profitable opportunities.